Economic indicators reflect success: PM

ISLAMABAD - Prime Minister Shahid Khaqan Abbasi Monday, while presenting an overview of the economic indicators during its past five-year tenure, said the figures clearly reflected successful policies of the PML-N government and its dynamic vision that helped turned around the economy.

The prime minister gave a detailed presentation during a press conference, on how the government improved its performance in almost all the sectors that showed a positive growth.

He said the rate of inflation and employment has dropped over the years, while industrial growth improved from 0.75% to 5.8%.

Prime Minister Abbasi said the PML-N would be forming the next government and would bring about further improvement in the country’s economy. He specifically mentioned the Income Tax reforms and said these landmark achievement were aimed at further improving the economy of the country while broadening the tax base to bring into the net all those who till now had managed to evade the tax authorities.

He said large scale manufacturing also grew from 5.89% whereas agricultural attained 13 years highest growth rate of 3.81 per cent. The GDP reached to 5.79 per cent.

Prime Minister Abbasi to a question called for a national dialogue to redefine the role of the judiciary and the National Accountability Bureau and said both were interfering in the executive and it has become very difficult for the government to carry on its day-to-day functions.

He said the next government needs to take up this matter and debate it thoroughly to arrive at a decision.

The prime minister, enumerating the basic figures of economy achieved during the five years tenure, said the large scale manufacturing grew by 5.89 per cent while construction sector witnessed a growth rate of 9.13 per cent and the services sector achieved 6.1 per cent growth.

He said the export sector had been facing challenges but in the last six month it had reached to $20.6 billion while the country’s imports touched a figure of $45.6 billion.

The workers’ remittances remained at $16.2 billion. The foreign direct investment reached to $2.24 billion whereas the total investment stood around Rs5.65 trillion. The allocation for the Benazir Income Support Programme (BISP) had been increased to Rs121 billion. About 8349 companies were incorporated during 2017-18.

About foreign borrowing, the prime minister said it was a common practice among all the governments as for attaining the high growth rate, such practices were adopted.

The prime minister said the country would have achieved the highest growth rate but the Dharna politics, Panama issue and the July 28 decision had brought instability to the economy.

“When there is instability, it always negatively impacted the economy,” he added.

To a question, he said the elections would be held on time as under constitutional provisions, general election would be held within the sixty days of the completion of tenure by an elected government.

He expressed his satisfaction that a consensus nominee was picked for leading the interim set-up. About merger of Federally Administered Tribal Areas (Fata), the prime minister said it was a continuing process and the new government would make financial allocations for these areas.

The parliament had played its part and all the political parties showed their commitment over the issue, he added.